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Brexit fuels international income growth at FX firm Moneycorp

London-based currency and international payments firm, Moneycorp, has revealed robust growth across its business operations as Sterling’s post-Brexit volatility has driven demand for its FX advisory services.

According to the company’s financial for last year, total income at the business grew by 9% to £137m with underlying profits up by 20% to £22.3m.

In particular, Moneycorp’s Corporate International Payments business experienced ‘record’ revenue growth of 28% between January and December 2016, fuelled by increased demand for its foreign exchange support services after the price of Sterling nosedived in the wake of June’s EU referendum.

Nick Haslehurst, Chief Financial and Operating Officer of moneycorp, said that Brexit had made 2016 a tricky year for some of its clients.

He commented: “The political headwind and subsequent sterling volatility resulting from the Brexit vote made 2016 a challenging year for clients across many of our business divisions.

“During the second half of the year we saw our corporate division grow considerably, as businesses turned to us for support with currency volatility.”

Moneycorp’s recent expansion abroad has also proven a success with an 844% revenue increase in its Payments division supported by its expansion into Spain, Gibraltar, Romania and the USA.

Touching upon its plans for this year, Haslehurst said: “The consistent growth across the various moneycorp divisions further cements the importance of a solution-based, technology-driven business at uncertain times like these.

“We look forward to continuing our expansion plans and providing support to our clients in 2017, a year when the services of foreign exchange specialists will be undoubtedly more important than ever.”